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Equity Bottom-Up

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<a href="https://smartkarma.com/entities/ten-pao-group-holdings-ltd">Ten Pao Group Holdings Ltd</a>. is a well-established provider of switching power supplies and smart chargers with a global manufacturing footprint and a diverse customer base across various sectors, positioning it to capitalize on the growing demand for energy-efficient power solutions.</li>
 <li>The company is strategically focused on high-growth areas such as new energy (including EV charging and energy storage), smart chargers, and controllers for industrial applications, which is expected to drive future revenue and margin expansion.</li>
 <li>While the company has demonstrated resilient financial performance with consistent revenue growth and a stable dividend policy, it faces risks from macroeconomic uncertainties, raw material price volatility, and intense competition within the power supply industry.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Ten Pao Group Holdings Ltd. is a well-established provider of switching power supplies and smart chargers with a global manufacturing footprint and a diverse customer base across various sectors, positioning it to capitalize on the growing demand for energy-efficient power solutions.
  The company is strategically focused on high-growth areas such as new energy (including EV charging and energy storage), smart chargers, and controllers for industrial applications, which is expected to drive future revenue and margin expansion.
  While the company has demonstrated resilient financial performance with consistent revenue growth and a stable dividend policy, it faces risks from macroeconomic uncertainties, raw material price volatility, and intense competition within the power supply industry.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Ten Pao Group Holdings Ltd (1979 HK) - Apr 2026

Equity Research in HK and Mainland China

Li Tang

Thematic (Sector/Industry)

Ministry of Finance released the NEV subsidy program for 2021, cutting them by 20% compared to the 2020 level for private purchases Xinhua reported. The subsidy for NEVs designated for public sector use, including buses, taxi, logistics, postal vehicles and public fleets, will be cut by 10% in 2021 from the 2020 level, coming into effect on 1 January 2021. The subsidies are dependent on a range of indicators including driving range and battery density.
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China has bet big on NEVs as a strategically important industry, the government has five essential policy support tools for NEVs include reduced taxes, direct subsidies to manufacturers, consumer subsidies, mandated government procurements.
We are still positive on NEV makers (<a href="https://www.smartkarma.com/entities/li-auto-inc" target="_blank" rel="noopener">Li Auto Inc. (LI US)</a> , <a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO Inc (NIO US)</a> and <a href="https://www.smartkarma.com/entities/xpeng-motors" target="_blank" data-smartkarma-citation="entities:29217:1" rel="noopener">Xpeng Motors (XPEV US)</a>) and NEV charging infrastructure (<a href="https://www.smartkarma.com/entities/china-titans-energy-technology-group-co" target="_blank" data-smartkarma-citation="entities:3953:1" rel="noopener">China Titans Energy Technology Group Co (2188 HK)</a> ,  <a href="https://www.smartkarma.com/entities/ten-pao-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27241:1" rel="noopener">Ten Pao Group Holdings Ltd (1979 HK)</a> as both segments stand to gain from an improvement in NEV sales after NEV sales lagged the recovery in traditional auto sales, and with local governments providing various support measures.
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Ministry of Finance released the NEV subsidy program for 2021, cutting them by 20% compared to the 2020 level for private purchases Xinhua reported. The subsidy for NEVs designated for public sector use, including buses, taxi, logistics, postal vehicles and public fleets, will be cut by 10% in 2021 from the 2020 level, coming into effect on 1 January 2021. The subsidies are dependent on a range of indicators including driving range and battery density.

China has bet big on NEVs as a strategically important industry, the government has five essential policy support tools for NEVs include reduced taxes, direct subsidies to manufacturers, consumer subsidies, mandated government procurements.
We are still positive on NEV makers (Li Auto Inc. (LI US) , NIO Inc (NIO US) and Xpeng Motors (XPEV US)) and NEV charging infrastructure (China Titans Energy Technology Group Co (2188 HK) ,  Ten Pao Group Holdings Ltd (1979 HK) as both segments stand to gain from an improvement in NEV sales after NEV sales lagged the recovery in traditional auto sales, and with local governments providing various support measures.


China Will Reduce Its Subsidies for Regular New Energy Vehicles by 20% in 2021

Cross Asset Strategy

It’s been an excellent year for investors in the China electric vehicle stock, but some investors believe the speculation rather than underlying fundamentals, is sending China NEV(New Energy Vehicle) stock higher. We remain confident in the China-based electric vehicle (EV) maker’s prospects due to strong government policy and continued growing market.
We are positive on NEV makers (<a href="https://www.smartkarma.com/entities/li-auto-inc" target="_blank" rel="noopener">Li Auto Inc. (LI US)</a> , <a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO Inc (NIO US)</a> and <a href="https://www.smartkarma.com/entities/xpeng-motors" target="_blank" data-smartkarma-citation="entities:29217:1" rel="noopener">Xpeng Motors (XPEV US)</a>) and NEV charging infrastructure ( <a href="https://www.smartkarma.com/entities/china-titans-energy-technology-group-co" target="_blank" data-smartkarma-citation="entities:3953:1" rel="noopener">China Titans Energy Technology Group Co (2188 HK)</a> ,  <a href="https://www.smartkarma.com/entities/ten-pao-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27241:1" rel="noopener">Ten Pao Group Holdings Ltd (1979 HK)</a>  )as both segments stand to gain from an improvement in NEV sales after NEV sales lagged the recovery in traditional auto sales, and with local governments providing various support measures.
China has bet big on NEVs as a strategically important industry, the government has five essential policy support tools for NEVs include reduced taxes, direct subsidies to manufacturers, consumer subsidies, mandated government procurements, and the industrial policy Made in China 2025 (Even China keep this plan at low profile due to trade war with the U.S).In this insight, we have highlighted the China recent NEVs support policy to evaluate China NEV industry.

It’s been an excellent year for investors in the China electric vehicle stock, but some investors believe the speculation rather than underlying fundamentals, is sending China NEV(New Energy Vehicle) stock higher. We remain confident in the China-based electric vehicle (EV) maker’s prospects due to strong government policy and continued growing market.
We are positive on NEV makers (Li Auto Inc. (LI US) , NIO Inc (NIO US) and Xpeng Motors (XPEV US)) and NEV charging infrastructure ( China Titans Energy Technology Group Co (2188 HK) ,  Ten Pao Group Holdings Ltd (1979 HK)  )as both segments stand to gain from an improvement in NEV sales after NEV sales lagged the recovery in traditional auto sales, and with local governments providing various support measures.
China has bet big on NEVs as a strategically important industry, the government has five essential policy support tools for NEVs include reduced taxes, direct subsidies to manufacturers, consumer subsidies, mandated government procurements, and the industrial policy Made in China 2025 (Even China keep this plan at low profile due to trade war with the U.S).In this insight, we have highlighted the China recent NEVs support policy to evaluate China NEV industry.

China Aims To Build Strong Domestic NEV Brands that Can Compete in Global Markets

Hong Kong

Ten Pao Group Holdings Limited develops, manufactures, and sells electric charging products, switching power supply units, and smart chargers. Their product range includes quick chargers, wireless chargers, adapters, LED power supply products, electric vehicle chargers, portable power stations, and industrial power supplies. The company was founded in 1979 and is headquartered in Kwun Tong, Hong Kong.

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Ten Pao Group (1979 HK)

Primer: Ten Pao Group Holdings Ltd (1979 HK) - Apr 2026

Ten Pao Group Holdings Ltd. is a well-established provider of switching power supplies and smart chargers with a global manufacturing footprint...

αSK

China Will Reduce Its Subsidies for Regular New Energy Vehicles by 20% in 2021

China Cuts Nev Subsidy in 2021,looking ahead from a policy perspective, removing local subsidies after 2022 should lead to greater consolidation in...

Li Tang

China Aims To Build Strong Domestic NEV Brands that Can Compete in Global Markets

We remain confident in the China-based electric vehicle (EV) maker’s prospects due to government strong policy support and continue growing market.

Li Tang

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52-week Range

Market Cap (USDm)

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